YouTube's new music streaming service coming March 2018

The only demand for the record labels has been the increased compensation by YouTube which is way less than its competitors like Spotify and Apple Music. In addition to opeining up new potential opportunities fro both companies, the deal aligns the two music streaming services in future licensing negotiations with major labels and music publishers. Anyone who signs up to either of these services gets the other one included for free.

Music streamer Spotify - ahead of an expected initial public offering in 2018 - has agreed to buy a stake in China's Tencent Music Entertainment, which in turn will purchase an equity stake in Spotify, the companies announced Friday. In December past year Goldman Sachs said in a report called Music in the Air that by 2030 the market will grow to $28 billion. Google Play Music launched in 2011 but still isn't as popular as its rivals.

As of July 2017, Spotify reported over 60 million subscribers worldwide for its service, which is available in 61 countries.

The new service will offer subscription to the users and it will eliminate a lot of confusions regarding the somewhat confusing series of streaming products that have been rebranded and relaunched in previous years by YouTube.

YouTube recruited former Warner Music's executive Lyor Cohen to supervise its music operations in 2016.

While streaming services were first feared to be detrimental to the music industry, Spotify and Apple Music have helped the music industry recover. However, there has been no final statements registered as to what the service will be called.